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Birkenstock Vs. The Law: Can Sandals Be Art?

by THEFUTURE.TEAM

February 20, 2025

Birkenstock sandals are an undisputed icon—embraced by counterculture movements, medical professionals, and fashionistas alike. But are they art? The German Federal Court of Justice doesn’t think so.

The Legal Battle Over Birkenstock’s Design

On February 20, Germany’s highest civil court ruled that Birkenstock’s signature sandals, while distinctive, do not qualify as art and are therefore not protected by copyright. The case, brought by the shoemaker against three competitors—including German retailer Tchibo—aimed to block the sale of similar wide-strapped, big-buckle sandals. Birkenstock claimed its designs were “copyright-protected works of applied art,” deserving of stronger intellectual property protection than ordinary consumer goods.

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However, the court disagreed, concluding that functionality and craftsmanship outweighed artistic merit in this instance.

The Design Vs. Art Debate

Under German law, copyright protection extends 70 years after the creator’s death, while design protection lasts only 25 years from the product’s launch. With some of Birkenstock’s original designs dating back to the 1970s, many had already lost design protection. The company’s legal team sought to classify them as art, arguing their “iconic design” warranted extended copyright safeguards.

However, the court determined that products influenced by technical requirements and functional constraints do not meet the threshold for copyright protection. “For a work of applied art to be copyright-protected, it must reveal a distinct level of individuality beyond mere utility,” the ruling stated.

A Legacy Beyond The Courtroom

Birkenstock’s legal setback comes as the brand continues to expand its reach. Once a favorite among hippies and healthcare professionals, the brand experienced a pop culture renaissance following Margot Robbie’s pink Birkenstock cameo in the 2023 blockbuster Barbie.

Founded in 1774 and run by the Birkenstock family for six generations, the company transitioned to new ownership in 2021 when U.S. private equity firm L Catterton—backed by French billionaire Bernard Arnault’s luxury empire LVMH—acquired a majority stake. Birkenstock went public in 2023, cementing its status as both a heritage brand and a lucrative fashion player.

While Birkenstock’s sandals may not be art in the eyes of the law, their enduring cultural impact is undeniable. Whether they remain a symbol of comfort or a statement of style, their place in fashion history is already secured.

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Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

by THEFUTURE.TEAM

June 26, 2026

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

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Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.